1. Allowing entities to estimate rather than physically count inventories at interim periods is an example of a trade-off between

a. Verifiability and comparability

b. Timeliness and verifiability

c. Neutrality and consistency

d. Timeliness and comparability

2.A candidate who obtains the rating of 75% and above in at least majority of the subjects shall receive a conditional credit for the subjects passed. He/she shall take an examination in the remaining subjects within how many years from the preceding examination?

a. 1

b. 2

c. 3

d. 4

3.The following are within the scope of the Conceptual Framework EXCEPT

a. Qualitative characteristics of useful financial information

b. Accounting assumptions including accrual basis, accounting entity, and monetary unit assumptions

c. Objective of financial reporting

d. Concepts of capital maintenance

4.Effective communication makes information more useful. Effective communication requires all of the following EXCEPT

a. Aggregating information in such a way that it is not obscured either by unnecessary detail or by excessive aggregation.

b. using standardized descriptions, rather than entity-specific information.

c. Classifying information in a manner that groups similar items and separates dissimilar items

d. focusing on presentation and disclosure objectives and principle rather than focusing on rules

40.Which of the following is a fiscal year?

a. Jan 1, 2020 to Dec 31, 2020

b. September 1, 2020 to August 31, 2021

c. May 30, 2020 to Nov. 30, 2020

d. March 2, 2020 to April 30, 2021

41.The overriding qualitative characteristics of accounting information is

a. Relevance

b. Decision usefulness

c. Faithful representation

d. Understandability